The Crown Estate, which manages property and land belonging to the British monarch, has formed a joint venture with Australian developer Lendlease on six major projects in the UK, including 60 acres above and around Euston Station in London.
In a statement, The Crown Estate said its investment in the new 50/50 joint venture will support the development of science, innovation and technology space, unlocking housing in the UK, and commercial opportunities.
The deal has the potential to deliver over 10 million square feet of commercial and residential space and features six development schemes across London and Birmingham.
As well as the project at Euston Station, the portfolio includes 60 acres in Silvertown in London, with the potential to deliver circa 1.3 million square feet of commercial and 6,300 new homes; 40 acres in Smithfield in Birmingham, with over 2 million square feet of commercial space and 3,400 new homes; and three land plots in Stratford Cross, London, featuring more than 1.6 million square feet of commercial space.
There is also 250 acres of residential space in Thamesmead Waterfront, London, with the potential to deliver over 11,000 homes and 880,000 square feet of commercial space, and 27 acres in High Road West in Haringey, London, with over 100,000 square feet of commercial space and around 2,800 new homes.
Dan Labbad, chief executive of The Crown Estate, said: “With strong support from local and national government, we look forward to working with Lendlease and others to realise the potential of these projects to create jobs, stimulate growth and positively impact lives, while also generating income for the UK.
“As a country, we face challenges to unlocking growth. To support this, we need to spark investment in sectors like science, technology, and housing, alongside deep collaboration across communities, government, and the private sector. This joint venture is an example of how The Crown Estate is harnessing its mandate to act in the UK’s long-term national interest, supported by new investment powers, and stepping up its ambition to support inclusive growth for the nation.”